ASX has announced that CHESS will be replaced with distributed ledger technology (DLT) in early 2021. While CHESS’s average monthly service availability over the last five years has been 99.99%, ASX states that the new DLT system (commonly referred to as ‘blockchain’) will improve upon CHESS and “provide a broader range of benefits to a wider cross section of the market”. Some of the main guiding principles for the project include providing greater control to issuers and end investors, taking future needs into account, and ensuring the new system is accessible, available, and reliable.

We’re excitedly following Australia’s Consumer Data Right bill on open banking, and we hope to be able to integrate with CHESS (or its replacement) in the near future.

(source: Sharesight)